• The AUDUSD attempts both and breakouts
• Today’s range measures 36 pips
• S4 breakouts begin above .7048
Trading has been mixed on the AUDUSD today, with prices challenging both values of . The pair first dipped overnight, below its S4 at .6977. Price action soon recovered however, moving back inside of today’s 36 pip trading range. The range, identified in the graph above, begins at the S3 found at .6994 and concludes at the R3 at .7030. A move inside of the range nullified the first attempted breakout, and has signaled a change in market conditions for the day.
Shortly after moving through today’s trading range, price completed a breakout above the R4 found at .7048. From this point, prices have advanced as much as 44 pips to the standing daily high at.7092.Looking at current price action, the AUDUSD has retraced off its highs back to today’s R4 . If prices remain supported above this area, it can allow traders an opportunity to take advantage of fresh momentum. First targets above R4 include a 1x extension of today’s range at .7084. It should be noted, that any bias would at least be temporarily invalidated with a price drop below .7030, back inside of the previously mentioned trading range.